LONG-TERM DEBT

6 Months Ended

Dec. 31, 2013

5. LONG-TERM DEBT

Long-term debt consists of the following:

	December 31,		June 30,
	2013		2013
	(unaudited)
Capital lease obligations	$	254,110	$	345,925
Loan agreement		62,005		23,981
		316,115		369,906
Less current portion		252,614		247,152
	$	63,501	$	122,754

During July 2013, the Company entered into a capital lease for office equipment totaling $22,036 due in 24 monthly installments of $1,033 through July 2015.

During August 2013, the Company financed a portion of the premiums for various insurance policies totaling $101,850, due in nine monthly payments through April 2014 at an interest rate of 5.27%.